BrightNest Limited (FSP1009175), trading as BrightNest, holds a licence issued by the Financial Markets Authority. to provide financial advice. 

BrightNest 

hello@brightnest.co.nz 

0210616068 

BrightNest Limited provides advice to our clients about life insurance, health insurance and KiwiSaver. Our financial advisers provide financial advice in relation to life insurance and health insurance and KiwiSaver.  

 We only provide financial advice about products from certain providers:  

• For life insurance, we work with three providers – AIA, Fidelity & nib.  

• For health insurance, we work with two providers – AIA & nib.

• For KiwiSaver products, we work with Generate.

In providing you with financial advice, we will only consider new and existing term life, trauma, income protection and health insurance policies (if any). We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products. 

To ensure that our financial advisers prioritise the client’s interests above their own, we follow an internationally recognised professional advice process to ensure our recommendations are made on the basis of the client’s goals and circumstances. 

1. Getting to know you, your situation, financial goals and objectives

2. Gathering relevant data on your current situation

3. Analysing data and assessing viable solutions

4. Providing recommendations

5. Implementing recommendations

6. Ongoing review (where relevant) staying on track.

The FAP, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.  

We are required to:  

• give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests  

• exercise care, diligence, and skill in providing you with advice  

• meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)  

• meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).  

This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz

BrightNest Limited does not charge fees, expenses or any other amount for the financial advice provided to its clients.  The FAP receives commissions based on the business  you place with the providers we work with. 

Typically, we are remunerated by way of commissions received directly from product providers (example below).  

 As we get to know you and what is important, we will provide more specific information in relation to any remuneration we receive as a result of any advice we provide. In line with the spirit of professional disclosure below are some guidelines.  

Upfront (upon implementation) : 0-230% first year’s premium 

Ongoing (subsequent year in force) : 0-50% subsequent year premium 

For KiwiSaver advice, BrightNest receives a one-time payment of up to $300 from the KiwiSaver provider when clients join through us. Additionally, we receive an ongoing annual commission of between 0.25% and 0.50% of your account value for as long as you remain with that KiwiSaver provider.

Example: should you place insurances from our recommendations with an annualised premium of $1,000 p.a. We would be remunerated in the range of $0-2,300 in the first year and $0-$500 in subsequent years for providing our professional services.  

We take any perceived or real conflicts of interest very seriously and have a dedicated policy for dealing with such issues whereby we avoid, disclose and/or manage any conflicts so that our client’s interests are placed first and foremost.  

For life insurance and health insurance, BrightNest Limited trading as BrightNest and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to BrightNest Limited trading as BrightNest and your financial adviser. The amount of the commission is based on the amount of the premium. 

All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance adviser. 

From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to sports events, hampers, or other incentives.

All our financial advisers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. BrightNest monitors these registers and provides additional training where necessary. BrightNest performs an annual review of our compliance programme. 

If you are not satisfied with our financial advice service you can make a complaint by emailing hello@brightnest.co.nz,
or by calling: 021 061 6068.  

You can also write to us at:  
BrightNest Limited
126 Waipuna Road East
Mount Wellington
Auckland 1060

When we receive a complaint, we will consider it following our internal complaints process:  

We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint. 

We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time to let you know we need more time to consider your complaint.  

We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so. If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Insurance & Financial Services Ombudsman Scheme (IFSO). IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction. You can contact IFSO by emailing info@ifso.nz, or by calling: 0800 888 202.

You can also write to them at: Insurance & Financial Services Ombudsman Scheme
PO Box 10-845
Wellington 6143
NEW ZEALAND. 

To give our clients the very best advice we need to collect personal information about their financial circumstances. In the digital age that we live in, we take our responsibilities under the Privacy Act 2020 very seriously. Some key points:  

• We only collect information relevant to the nature and scope of the advice we are providing  

• The accuracy of this information to our advice is critical, this is where we need your help 

• Once collected we will protect any client information  

• You can request any personal information or ask for it to be amended at any time  

• We will only share information where it is necessary to do so in the agreed services provided. If this is not part of our normal business we would only consider this with your express consent to do so. However, there are some third parties you may not be aware of that we may need to share your information with such as:   Financial Markets Authority (FMA) – the Regulator of financial services in New Zealand , External compliance agencies we may engage for quality assurance purposes. 

• We have policies and procedures for dealing with any data breaches ASAP.  

• Any information no longer needed or required will be destroyed securely.